(MENAFN- GlobeNewsWire - Nasdaq)
New York, Nov. 24, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Textured Soy Protein Global Market Report 2022: Ukraine-Russia War Impact' -
, Sonic Biochem Extractions Ltd, Wilmar International Ltd., Hung Yang Foods Co. Ltd, Bunge Ltd, Hoya Foods Inc, Solae LLC, Bob's Red Mill Natural Foods., Fuji Oil Asia Pte. Ltd., Linyi Shansong Biological Products, and Food Ingredient Technology Co. Ltd.
The global textured soy protein market is expected to grow from $2.23 billion in 2021 to $2.52 billion in 2022 at a compound annual growth rate (CAGR) of 13.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The textured soy protein market is expected to grow to $3.67 billion in 2026 at a CAGR of 9.8%.
The textured soy protein market consists of sales of textured soy proteins by entities (organizations, sole traders, and partnerships) that are used to enhance the texture and nutritional content of dishes.Textured soy protein refers to processed food products made from soy proteins and isolates, with or without nutritional ingredients added, and compressed into granules or chunks.
It is used to improve the texture and nutritional value of foods and is commonly utilized as a nutritious element in baked goods, breakfast cereals, animal feed, and some meat products.
The main types of textured soy protein are non-GMO, conventional, organic, and other types.Non-GMO is primarily used for human consumption as a meat substitute.
Non-GMO in the textured soy protein market refers to being produced without genetic engineering and that its ingredients are not derived from GMOs.It is derived using a cold-water microfiltration process from non-GMO soybeans.
The main sources of textured soy protein are soy protein concentrates, soy protein isolates, and soy flour. The different applications include food, meat substitutes, dairy alternatives, infant nutrition, bakery, and feed.
North America was the largest region in the textured soy protein market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the textured soy protein market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Increasing demand for protein-rich foods across the globe is expected to propel the growth of the textured soy protein market going forward.Protein-rich food refers to high-protein diets that contain a substantial amount of protein and very little carbohydrate.
A high protein diet using plant proteins such as textured soy proteins helps in muscle gain and improves metabolic health, body composition, and weight maintenance as they are low in calories and higher in fiber and essential nutrients. For instance, in 2019, according to the Plant-Based Foods Association (PBFA), a US-based trade association, U.S. retail sales of plant-based foods grew by 11.4%, and 39% of US consumers are consuming plant-based foods. Therefore, the increase in demand for protein-rich foods is dictating the demand for the textured soy protein market.
Increasing investments have emerged as the key trend gaining significant popularity in the textured soy protein market.Major market players are concentrating their efforts on creating innovative products for improving taste and developing the likable flavor of soy proteins.
For instance, in 2022, Archer Daniels Midland, a US-based food or feed processing company, announced an investment of $300 million to expand its alternative protein capabilities by establishing a new, cutting-edge Protein Innovation Center in Decatur.The protein innovation center is expected to enhance the company's ability to comply with the demand for innovative products.
It will bring together labs, test kitchens, and pilot-scale production capabilities to power new innovations that include novel and diverse ingredients, unique and differentiated texture, taste, appearance, and nutrition solutions.
In November 2021, Archer Daniels Midland, a US-based feed processing company, acquired Sojaprotein for an undisclosed amount.The acquisition aimed to strengthen and enhance Archer Daniels Midland's plant-based protein production capabilities to meet global demands.
Sojaprotein is a Serbia-based non-GMO (Genetically Modified Organism) soybean processing company that produces human food and animal feed.
The countries covered in the textured soy protein market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The textured soy protein market research report is one of a series of new reports that provides textured soy protein market statistics, including textured soy protein industry global market size, regional shares, competitors with textured soy protein market share, detailed textured soy protein market segments, market trends, and opportunities, and any further data you may need to thrive in the textured soy protein industry. This textured soy protein market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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